For the past two school years I lived in a small town (30,000 people) in AndalucÃ­a, and Iâm currently living in a medium-sized town (50,000 people) in Extremadura. Though technically Extremadura isnât southern Spain, itâs only about an hour north of AndalucÃ­a and the cost of living is very similar. The average monthly cost of living in a piso is 250-300â¬. Thatâs the cost of the whole apartmentâ¦ not just for a room in a shared apartment.
What is an 'Equated Monthly Installment - EMI'. An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Definition of installment. 1  1 : one of the parts into which a debt is divided when payment is made at intervals. 2  2a : one of several parts (as of a publication) presented at intervalsb : one part of a serial story.